United Kingdom to Become Global Leading Crypto Hotspot
The U.K. government on Monday announced its plans of making the country a global crypto hotspot.
In a press release, Chancellor of the Exchequer Rishi Sunak revealed a number of initiatives to realize its plans. He said:
“The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”
An important first step will be to bring stablecoins into the U.K. payments system, according to the statement.
The package of measures also includes:
- introducing a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate,
- establishing a Cryptoasset Engagement Group to work more closely with the industry,
- exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market,
On the same day, the UK’s vision for being a global crypto hub for cryptoasset technology was also set out in a speech by the Economic Secretary to the Treasury, John Glen at the Innovate Finance Global Summit.
Glen elaborated on the adoption of stablecoins:
“This will enable consumers to use stablecoin payment services with confidence.
The government will introduce this legislation as part of an ambition to deliver a world-leading regulatory regime for stablecoins.”
The Secretary to the Treasury added that the U.K. intends to take a leading role on all fields, including taxes:
“We don’t think the tax code will need major surgery to make it work more easily for crypto.
The U.K. is also playing a leading role in negotiations on the new tax reporting framework to enhance tax transparency and consumer confidence while enabling a level playing field in tax reporting globally.”
As an emblem of the forward looking approach the UK is taking, the government has requested the Royal Mint to create a non-fungible token (NFT) that will be issued this summer.
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
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Source: igaming
